Lately I’ve seen loads of people on Instagram promising large profits for people if they invest in their Forex trading team, some off signals other offer to trade on your behalf.
Most if not all of these accounts look like scams to me or they are gambling with peoples money earning huge cuts for them selves. Some of lot sizes I’ve seen are 1.0 to 4.0.
Some accounts show lavish lifestyles and a couple actually followed me as I was following others.
What do you guys think about these Instagram traders?
Trading can truly be as simple as drawing some straight lines on your chart at areas that prices bounced or turned around from (went the opposite direction) aka Support and Resistance and buying or selling at that level. You just need to accept that you will win and lose. You may even lose more often than you win. BUT when you win you will win more than you lose. (Risk reward ratio) and be patient.
If you are looking to passively invest go to a reputable financial institution, open an account, make a plan for your investments and grow your wealth.
I remember a forum discussion on that topic once. Can’t remember what the title was, try and search for it here though. I think they even named actual Instagram handles. Might want to check it out you might see some familiar names.
Yeah, unfortunately there are tons of so called gurus, who will tell you how to earn money, but in the end of a day, they are liers. Liers with beautiful photos on their account and stories where they show packs of money.
If I had a strategy that would be guaranteed to make large returns in the markets on an infinite time basis, with low or zero risk, and requiring only a modest initial capital, I would be either selling it (secretly, to a large bidder who could provide me with sufficient cash to see out the rest of my natural days in comfort) or using it (secretly).
Then again, this all assumes that such a strategy is complex, it cannot have been tried before, it cannot be something that someone will develop by chance at some point in the near future somewhere in the world, it must be novel. But at the same time it must have been something that is simple enough that it was actually discovered by a private retail trader - who then decided to share its results with small-time private retail traders like us.
Strongest of all must be the assumption that a strategy as such is the absolutely necessary means by which to make profits in the markets.
All this stuff is self-cancelling. Run away from these people.
I’ve followed some before. Not only on Instagram but also on Twitter. Sometimes they start out as free and then make up a reason why they’re suddenly going to offer paid services. I just noticed that when their trades go wrong they also make up all sorts of excuses.
I’ve been following some for few months now and they have similar styles of recruiting but make money in different ways.
How I got introduced to forex was through a friend who used to send signals to a telegram account and you have to pay him to be a member of that account. Then he moved on to mirror trading and taking % of client profits, so not really risking as much himself. I thought it was a bit dubious that he wasn’t taking the losses too!
I wanted to sign up but I couldn’t understand the risks or he failed to communicate the risks so I thought I’ll avoid risking my money and learn this stuff myself. Trouble is I don’t know where to start, I’ve done an online course but that was basic with a bit of technical analysis. Next I’ve been on YouTube but the messages are conflicting.
Ive got a demo account and am practicing on that but lack a sound strategy. Today I’ve made over £200 on my demo account but that’s easy when it’s not real money. I want to start using real money but need to have a process, an approach to this.
Google playstore is crowded with free forex signals. Many of them is giving thr same signal exactly on the same time. One that I saw is giving the previous day’s results as well. allways one losing signal. So I started noting it down. Half the signals is losers, but only one is put on record. Signal may be for 10 pips, but is only gaining one pip at their expiring time and is also a winner. On telegram is a chap, gauranteed 2000 pips per week (do’nt say if it is winning pips). He has a website too and on there you could make payments via paypal, skrill, banktransfer etc. Every payment method is to a different person in a different African country. It looks like X is starting a telegram channel, Y is getting his signals from X and is starting his own channel. Z is getting his signals from Y and is starting his own channel as well. The problem is all the poverty in Africa and some eastern countries. The people there is grabbing any opportunity they could get and the scammers is making the money and the goverments do not care about crime in that countries.
People like to look good on Instagram whether it is a selfie or trade results. The ugly selfies or trade results won’t be shared with you. Remember that
The people you’re talking about, those guys are not traders but marketers. They will only show you profits and pretty much never losses. It’s a scheme to attract people to invest or to buy their courses/services. Everything will seem to go alright until you give someone on Instagram your money.
There are a few who run away with your money after you pay them but most of them will make you losses as account managers or add you and keep you in a group where you are mentored and surrounded by a lot of bullshitters who also paid for the service. They praise their mentor or account manager as if he has made them billionaires. But in the end, no one actually makes money.
Just think for a second. If all these guys on Instagram were making so much money, did they really need to market every day on social media to buy their services? Those who aren’t selling anything yet, they are building a reputation before they start offering services. Some call that business, but in my opinion, you shouldn’t be selling anything until it has made you profits consistently over the period of 12+ months and you can prove that with a verified track record on a regulated broker. Until then it’s just talks
Do not rely on signals, account managers or mentors. All they are going to do is waste your time and money! You have enough information on baby pips to develop a strategy
The best thing is to study and practice charts into details. Watch the patterns on charts that keep repeating and start focusing on entry, stop loss and take profit criteria. Trade those patterns as much as possible. You really have to know when to take or avoid a trade. Also work on managing risk, which risk management plan will bring you success with a mixture of good and bad days. Because no one wins all trades. If your win rate is low, then using higher risk-reward will save your ass. Like 1:4 or 1:5. If you find one pattern with a 70%+ win rate. It’s bingo!
Haha my advice: If you see a super car, run the other way. Stacks of cash? Run the other way. Feet shot on the beach somewhere with a laptop? Run the other way. Muscle selfie (I’m. It even kidding here) in the gym? Yea, run the other way.
Almost all of them are scam. Instagram is a whole different world where anyone can be anything. Don’t be fooled. Let them give you investor password for you to see how their account is actually doing.
